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<br /> YEAR-END REPORT 2011<br /> ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED JANUARY 31, 2012<br /> NOTICE OF 2012 ANNUAL MEETING AND PROXY STATEMENT<br /> FROM TOP LEFT: Tiffany Celebration® rings. Paisley diamond pendant detail. Tiffany Sparklers rings. Tiffany Keys. Tiffany Metro pendant. The Tiffany® Setting engagement ring.<br /> Tiffany Yellow Diamonds bracelet detail. Tiffany 1837™ cuff.<br /> NEW<br /> MICHAEL J. KOWALSKI<br /> CHAIRMAN OF THE BOARD<br /> CHIEF EXECUTIVE OFFICER<br /> Dear Stockholder:<br /> 727 FIFTH AVENUE<br /> YORK, NEW YORK 10022<br /> 212 755 8000<br /> March 21, 2012<br /> We invite you to attend the Annual Meeting of Stockholders of Tiffany & Co. on Thursday, May 17,<br /> 2012 at 9:00 a.m. in the Great Ballroom of the W New York - Union Square hotel, 201 Park Avenue<br /> South (at 17th Street), New York, New York.<br /> In order to attend the meeting, please bring identification and proof of stock ownership.<br /><a title="TIF-20120403-AR-EJK.pdf page 1" href="http://viewer.zmags.com/publication/a0b9bb3c?page=1"> YEAR-END REPORT 2011 </a> <a title="TIF-20120403-AR-EJK.pdf page 2" href="http://viewer.zmags.com/publication/a0b9bb3c?page=2"> FROM TOP LEFT: Tiffany Celebration® rings. Paisle</a> <a title="TIF-20120403-AR-EJK.pdf page 3" href="http://viewer.zmags.com/publication/a0b9bb3c?page=3"> NEW MICHAEL J. KOWALSKI CHAIRMAN OF THE BOAR</a> <a title="TIF-20120403-AR-EJK.pdf page 4" href="http://viewer.zmags.com/publication/a0b9bb3c?page=4"> exchange-rate basis, worldwide net sales rose 15%</a> <a title="TIF-20120403-AR-EJK.pdf page 5" href="http://viewer.zmags.com/publication/a0b9bb3c?page=5"> the fine and fashion jewelry categories reflected</a> <a title="TIF-20120403-AR-EJK.pdf page 6" href="http://viewer.zmags.com/publication/a0b9bb3c?page=6"> FINANCIAL HIGHLIGHTS (in thousands, except percen</a> <a title="TIF-20120403-AR-EJK.pdf page 7" href="http://viewer.zmags.com/publication/a0b9bb3c?page=7"> Tiffany & Co. Year-End Report 2011 </a> <a title="TIF-20120403-AR-EJK.pdf page 8" href="http://viewer.zmags.com/publication/a0b9bb3c?page=8"> Page Executive Sessions</a> <a title="TIF-20120403-AR-EJK.pdf page 9" href="http://viewer.zmags.com/publication/a0b9bb3c?page=9"> UNITED STATES SECURIT</a> <a title="TIF-20120403-AR-EJK.pdf page 10" href="http://viewer.zmags.com/publication/a0b9bb3c?page=10"> SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</a> <a title="TIF-20120403-AR-EJK.pdf page 11" href="http://viewer.zmags.com/publication/a0b9bb3c?page=11">PART I Item 1. Business. GENERAL HISTOR</a> <a title="TIF-20120403-AR-EJK.pdf page 12" href="http://viewer.zmags.com/publication/a0b9bb3c?page=12"> x Maintaining its position within the high-end </a> <a title="TIF-20120403-AR-EJK.pdf page 13" href="http://viewer.zmags.com/publication/a0b9bb3c?page=13"> stores at January 31, 2012 included in parenthese</a> <a title="TIF-20120403-AR-EJK.pdf page 14" href="http://viewer.zmags.com/publication/a0b9bb3c?page=14"> Other Other consists of all non-reportable segme</a> <a title="TIF-20120403-AR-EJK.pdf page 15" href="http://viewer.zmags.com/publication/a0b9bb3c?page=15"> As part of its long-term strategy to expand its w</a> <a title="TIF-20120403-AR-EJK.pdf page 16" href="http://viewer.zmags.com/publication/a0b9bb3c?page=16"> FORM 10-K a) This category includes statement, f</a> <a title="TIF-20120403-AR-EJK.pdf page 17" href="http://viewer.zmags.com/publication/a0b9bb3c?page=17"> TRADEMARKS The designations TIFFANY® and TIFFANY</a> <a title="TIF-20120403-AR-EJK.pdf page 18" href="http://viewer.zmags.com/publication/a0b9bb3c?page=18"> to appoint other distributors in markets outside </a> <a title="TIF-20120403-AR-EJK.pdf page 19" href="http://viewer.zmags.com/publication/a0b9bb3c?page=19"> purchased have had their source with the DTC. The</a> <a title="TIF-20120403-AR-EJK.pdf page 20" href="http://viewer.zmags.com/publication/a0b9bb3c?page=20"> changing policies in diamond-producing countries </a> <a title="TIF-20120403-AR-EJK.pdf page 21" href="http://viewer.zmags.com/publication/a0b9bb3c?page=21"> procedures, product quality requirements, merchan</a> <a title="TIF-20120403-AR-EJK.pdf page 22" href="http://viewer.zmags.com/publication/a0b9bb3c?page=22">AVAILABLE INFORMATION The Company files annual </a> <a title="TIF-20120403-AR-EJK.pdf page 23" href="http://viewer.zmags.com/publication/a0b9bb3c?page=23"> (ii) Risk: that sales will decline or remain flat</a> <a title="TIF-20120403-AR-EJK.pdf page 24" href="http://viewer.zmags.com/publication/a0b9bb3c?page=24"> (vi) Risk: that volatile global economic conditio</a> <a title="TIF-20120403-AR-EJK.pdf page 25" href="http://viewer.zmags.com/publication/a0b9bb3c?page=25"> In Japan, many of the retail location</a> <a title="TIF-20120403-AR-EJK.pdf page 26" href="http://viewer.zmags.com/publication/a0b9bb3c?page=26">(xiii) Risk: that the loss, or a prolonged disrupt</a> <a title="TIF-20120403-AR-EJK.pdf page 27" href="http://viewer.zmags.com/publication/a0b9bb3c?page=27"> sales, with the balance devoted to administrative</a> <a title="TIF-20120403-AR-EJK.pdf page 28" href="http://viewer.zmags.com/publication/a0b9bb3c?page=28">Item 3. Legal Proceedings. On June 24, 201</a> <a title="TIF-20120403-AR-EJK.pdf page 29" href="http://viewer.zmags.com/publication/a0b9bb3c?page=29">but could have a material adverse effect on the Re</a> <a title="TIF-20120403-AR-EJK.pdf page 30" href="http://viewer.zmags.com/publication/a0b9bb3c?page=30"> High </a> <a title="TIF-20120403-AR-EJK.pdf page 31" href="http://viewer.zmags.com/publication/a0b9bb3c?page=31">Item 6. Selected Financial Data. The follo</a> <a title="TIF-20120403-AR-EJK.pdf page 32" href="http://viewer.zmags.com/publication/a0b9bb3c?page=32"> NOTES TO SELECTED FINANCIAL DATA Financial infor</a> <a title="TIF-20120403-AR-EJK.pdf page 33" href="http://viewer.zmags.com/publication/a0b9bb3c?page=33">Item 7. Management's Discussion and Analysis</a> <a title="TIF-20120403-AR-EJK.pdf page 34" href="http://viewer.zmags.com/publication/a0b9bb3c?page=34"> x To maintain substantial control over product </a> <a title="TIF-20120403-AR-EJK.pdf page 35" href="http://viewer.zmags.com/publication/a0b9bb3c?page=35"> NON-GAAP MEASURES The Company's reported sales r</a> <a title="TIF-20120403-AR-EJK.pdf page 36" href="http://viewer.zmags.com/publication/a0b9bb3c?page=36"> RESULTS OF OPERATIONS Net Sales Net sales by se</a> <a title="TIF-20120403-AR-EJK.pdf page 37" href="http://viewer.zmags.com/publication/a0b9bb3c?page=37"> In 2011, total sales in Asia-Pacific increased $1</a> <a title="TIF-20120403-AR-EJK.pdf page 38" href="http://viewer.zmags.com/publication/a0b9bb3c?page=38"> In 2010, the Company added a net of 13 stores: fi</a> <a title="TIF-20120403-AR-EJK.pdf page 39" href="http://viewer.zmags.com/publication/a0b9bb3c?page=39"> SG&A expenses in 2009 included $442,000 of income</a> <a title="TIF-20120403-AR-EJK.pdf page 40" href="http://viewer.zmags.com/publication/a0b9bb3c?page=40"> x Asia-Pacific – the ratio increased 3.2 percen</a> <a title="TIF-20120403-AR-EJK.pdf page 41" href="http://viewer.zmags.com/publication/a0b9bb3c?page=41"> Interest Expense and Financing Costs Interest ex</a> <a title="TIF-20120403-AR-EJK.pdf page 42" href="http://viewer.zmags.com/publication/a0b9bb3c?page=42"> x Net earnings per diluted share of $3.95 – $4.</a> <a title="TIF-20120403-AR-EJK.pdf page 43" href="http://viewer.zmags.com/publication/a0b9bb3c?page=43"> Working Capital. Working capital (current assets </a> <a title="TIF-20120403-AR-EJK.pdf page 44" href="http://viewer.zmags.com/publication/a0b9bb3c?page=44"> dividends which, on an annual basis, totaled $1.1</a> <a title="TIF-20120403-AR-EJK.pdf page 45" href="http://viewer.zmags.com/publication/a0b9bb3c?page=45"> In December 2011, the Company entered into a thre</a> <a title="TIF-20120403-AR-EJK.pdf page 46" href="http://viewer.zmags.com/publication/a0b9bb3c?page=46"> b) Excludes interest payments on amounts outst</a> <a title="TIF-20120403-AR-EJK.pdf page 47" href="http://viewer.zmags.com/publication/a0b9bb3c?page=47"> management to make certain estimates and assumpti</a> <a title="TIF-20120403-AR-EJK.pdf page 48" href="http://viewer.zmags.com/publication/a0b9bb3c?page=48"> than-not recognition threshold for income tax pos</a> <a title="TIF-20120403-AR-EJK.pdf page 49" href="http://viewer.zmags.com/publication/a0b9bb3c?page=49">Item 7A. Quantitative and Qualitative Disclosur</a> <a title="TIF-20120403-AR-EJK.pdf page 50" href="http://viewer.zmags.com/publication/a0b9bb3c?page=50">Item 8. Financial Statements and Supplementa</a> <a title="TIF-20120403-AR-EJK.pdf page 51" href="http://viewer.zmags.com/publication/a0b9bb3c?page=51"> CONSOLIDATED BALANCE SHEETS January 31, (in thous</a> <a title="TIF-20120403-AR-EJK.pdf page 52" href="http://viewer.zmags.com/publication/a0b9bb3c?page=52"> CONSOLIDATED STATEMENTS OF EARNINGS Years Ended J</a> <a title="TIF-20120403-AR-EJK.pdf page 53" href="http://viewer.zmags.com/publication/a0b9bb3c?page=53"> CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY A</a> <a title="TIF-20120403-AR-EJK.pdf page 54" href="http://viewer.zmags.com/publication/a0b9bb3c?page=54"> FORM 10-K CONSOLIDATED STATEMENTS OF CASH FLOWS </a> <a title="TIF-20120403-AR-EJK.pdf page 55" href="http://viewer.zmags.com/publication/a0b9bb3c?page=55"> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS A. N</a> <a title="TIF-20120403-AR-EJK.pdf page 56" href="http://viewer.zmags.com/publication/a0b9bb3c?page=56"> Use of Estimates These financial statements have</a> <a title="TIF-20120403-AR-EJK.pdf page 57" href="http://viewer.zmags.com/publication/a0b9bb3c?page=57"> The Company may, from time to time, extend loans </a> <a title="TIF-20120403-AR-EJK.pdf page 58" href="http://viewer.zmags.com/publication/a0b9bb3c?page=58"> economic and market conditions. If the evaluation</a> <a title="TIF-20120403-AR-EJK.pdf page 59" href="http://viewer.zmags.com/publication/a0b9bb3c?page=59"> The following table summarizes activity in other </a> <a title="TIF-20120403-AR-EJK.pdf page 60" href="http://viewer.zmags.com/publication/a0b9bb3c?page=60"> The Company (i) owns and manages the merchandise;</a> <a title="TIF-20120403-AR-EJK.pdf page 61" href="http://viewer.zmags.com/publication/a0b9bb3c?page=61"> exchange rates in effect at the balance sheet dat</a> <a title="TIF-20120403-AR-EJK.pdf page 62" href="http://viewer.zmags.com/publication/a0b9bb3c?page=62"> For the years ended January 31, 2012, 2011 and 20</a> <a title="TIF-20120403-AR-EJK.pdf page 63" href="http://viewer.zmags.com/publication/a0b9bb3c?page=63"> Summarized statement of earnings data for IRIDESS</a> <a title="TIF-20120403-AR-EJK.pdf page 64" href="http://viewer.zmags.com/publication/a0b9bb3c?page=64"> F. PROPERTY, PLANT AND EQUIPMENT January 31, </a> <a title="TIF-20120403-AR-EJK.pdf page 65" href="http://viewer.zmags.com/publication/a0b9bb3c?page=65"> H. DEBT January 31, (in thousands) </a> <a title="TIF-20120403-AR-EJK.pdf page 66" href="http://viewer.zmags.com/publication/a0b9bb3c?page=66"> At January 31, 2011, the facilities totaled $46,0</a> <a title="TIF-20120403-AR-EJK.pdf page 67" href="http://viewer.zmags.com/publication/a0b9bb3c?page=67"> payments, investments and indebtedness, in additi</a> <a title="TIF-20120403-AR-EJK.pdf page 68" href="http://viewer.zmags.com/publication/a0b9bb3c?page=68"> criteria, the derivative instrument is designated</a> <a title="TIF-20120403-AR-EJK.pdf page 69" href="http://viewer.zmags.com/publication/a0b9bb3c?page=69"> total changes in the put option contracts' cash f</a> <a title="TIF-20120403-AR-EJK.pdf page 70" href="http://viewer.zmags.com/publication/a0b9bb3c?page=70"> FORM 10-K Years Ended January 31, 2012 </a> <a title="TIF-20120403-AR-EJK.pdf page 71" href="http://viewer.zmags.com/publication/a0b9bb3c?page=71"> There was no material ineffectiveness related to </a> <a title="TIF-20120403-AR-EJK.pdf page 72" href="http://viewer.zmags.com/publication/a0b9bb3c?page=72"> FORM 10-K Financial assets and liabilities carri</a> <a title="TIF-20120403-AR-EJK.pdf page 73" href="http://viewer.zmags.com/publication/a0b9bb3c?page=73"> Financial assets and liabilities carried at fair </a> <a title="TIF-20120403-AR-EJK.pdf page 74" href="http://viewer.zmags.com/publication/a0b9bb3c?page=74"> K. COMMITMENTS AND CONTINGENCIES Leases The Co</a> <a title="TIF-20120403-AR-EJK.pdf page 75" href="http://viewer.zmags.com/publication/a0b9bb3c?page=75"> Rent expense for the Company's operating leases c</a> <a title="TIF-20120403-AR-EJK.pdf page 76" href="http://viewer.zmags.com/publication/a0b9bb3c?page=76"> the variable interest entity consolidation requir</a> <a title="TIF-20120403-AR-EJK.pdf page 77" href="http://viewer.zmags.com/publication/a0b9bb3c?page=77"> Company's business. The Swatch Parties seek damag</a> <a title="TIF-20120403-AR-EJK.pdf page 78" href="http://viewer.zmags.com/publication/a0b9bb3c?page=78"> debt and premiums on derivative contracts amounte</a> <a title="TIF-20120403-AR-EJK.pdf page 79" href="http://viewer.zmags.com/publication/a0b9bb3c?page=79"> N. STOCK COMPENSATION PLANS The Company has two</a> <a title="TIF-20120403-AR-EJK.pdf page 80" href="http://viewer.zmags.com/publication/a0b9bb3c?page=80"> Years Ended January 31, 2012 </a> <a title="TIF-20120403-AR-EJK.pdf page 81" href="http://viewer.zmags.com/publication/a0b9bb3c?page=81"> The weighted-average grant-date fair value of RSU</a> <a title="TIF-20120403-AR-EJK.pdf page 82" href="http://viewer.zmags.com/publication/a0b9bb3c?page=82"> Plan; however, benefits under the Excess Plan are</a> <a title="TIF-20120403-AR-EJK.pdf page 83" href="http://viewer.zmags.com/publication/a0b9bb3c?page=83"> Obligations and Funded Status The following tabl</a> <a title="TIF-20120403-AR-EJK.pdf page 84" href="http://viewer.zmags.com/publication/a0b9bb3c?page=84"> FORM 10-K January 31, 2011 (in thousands) </a> <a title="TIF-20120403-AR-EJK.pdf page 85" href="http://viewer.zmags.com/publication/a0b9bb3c?page=85"> Components of Net Periodic Benefit</a> <a title="TIF-20120403-AR-EJK.pdf page 86" href="http://viewer.zmags.com/publication/a0b9bb3c?page=86"> Weighted-average assumptions used to determine ne</a> <a title="TIF-20120403-AR-EJK.pdf page 87" href="http://viewer.zmags.com/publication/a0b9bb3c?page=87"> The fair value of the Company's Qualified Plan as</a> <a title="TIF-20120403-AR-EJK.pdf page 88" href="http://viewer.zmags.com/publication/a0b9bb3c?page=88"> Limited Multi-strategy </a> <a title="TIF-20120403-AR-EJK.pdf page 89" href="http://viewer.zmags.com/publication/a0b9bb3c?page=89"> Employee Profit Sharing and Retirement Savings Pl</a> <a title="TIF-20120403-AR-EJK.pdf page 90" href="http://viewer.zmags.com/publication/a0b9bb3c?page=90"> Components of the provision for income taxes were</a> <a title="TIF-20120403-AR-EJK.pdf page 91" href="http://viewer.zmags.com/publication/a0b9bb3c?page=91"> Deferred tax assets (liabilities) consisted of th</a> <a title="TIF-20120403-AR-EJK.pdf page 92" href="http://viewer.zmags.com/publication/a0b9bb3c?page=92"> The Company recognizes interest expense and penal</a> <a title="TIF-20120403-AR-EJK.pdf page 93" href="http://viewer.zmags.com/publication/a0b9bb3c?page=93"> Certain information relating to the Company's seg</a> <a title="TIF-20120403-AR-EJK.pdf page 94" href="http://viewer.zmags.com/publication/a0b9bb3c?page=94"> FORM 10-K Other operating income for the year en</a> <a title="TIF-20120403-AR-EJK.pdf page 95" href="http://viewer.zmags.com/publication/a0b9bb3c?page=95"> R. QUARTERLY FINANCIAL DATA (UNAUDITED) 2011 Qua</a> <a title="TIF-20120403-AR-EJK.pdf page 96" href="http://viewer.zmags.com/publication/a0b9bb3c?page=96">Item 9. Changes in and Disagreements with Acc</a> <a title="TIF-20120403-AR-EJK.pdf page 97" href="http://viewer.zmags.com/publication/a0b9bb3c?page=97">Report of Management Management's Responsibilit</a> <a title="TIF-20120403-AR-EJK.pdf page 98" href="http://viewer.zmags.com/publication/a0b9bb3c?page=98">PART III Item 10. Directors, Executive Offic</a> <a title="TIF-20120403-AR-EJK.pdf page 99" href="http://viewer.zmags.com/publication/a0b9bb3c?page=99">PART IV Item 15. Exhibits, Financial Stateme</a> <a title="TIF-20120403-AR-EJK.pdf page 100" href="http://viewer.zmags.com/publication/a0b9bb3c?page=100"> Exhibit Description 10.122 </a> <a title="TIF-20120403-AR-EJK.pdf page 101" href="http://viewer.zmags.com/publication/a0b9bb3c?page=101"> Exhibit Description 10.133 </a> <a title="TIF-20120403-AR-EJK.pdf page 102" href="http://viewer.zmags.com/publication/a0b9bb3c?page=102"> Exhibit Description 10.156 </a> <a title="TIF-20120403-AR-EJK.pdf page 103" href="http://viewer.zmags.com/publication/a0b9bb3c?page=103"> Exhibit Description 10.163 </a> <a title="TIF-20120403-AR-EJK.pdf page 104" href="http://viewer.zmags.com/publication/a0b9bb3c?page=104"> Executive Compensation Plans and Arrangements Ex</a> <a title="TIF-20120403-AR-EJK.pdf page 105" href="http://viewer.zmags.com/publication/a0b9bb3c?page=105"> Exhibit Description 10.138 </a> <a title="TIF-20120403-AR-EJK.pdf page 106" href="http://viewer.zmags.com/publication/a0b9bb3c?page=106"> Exhibit Description 10.143a </a> <a title="TIF-20120403-AR-EJK.pdf page 107" href="http://viewer.zmags.com/publication/a0b9bb3c?page=107"> Exhibit Description 10.161 </a> <a title="TIF-20120403-AR-EJK.pdf page 108" href="http://viewer.zmags.com/publication/a0b9bb3c?page=108"> SIGNATURES Pursuant to the requirements of Secti</a> <a title="TIF-20120403-AR-EJK.pdf page 109" href="http://viewer.zmags.com/publication/a0b9bb3c?page=109"> Pursuant to the requirements of the Securities Ex</a> <a title="TIF-20120403-AR-EJK.pdf page 110" href="http://viewer.zmags.com/publication/a0b9bb3c?page=110"> Tiffany & Co. and Subsidiaries Schedule II - Valu</a> <a title="TIF-20120403-AR-EJK.pdf page 111" href="http://viewer.zmags.com/publication/a0b9bb3c?page=111"> Tiffany & Co. and Subsidiaries Schedule II - Valu</a> <a title="TIF-20120403-AR-EJK.pdf page 112" href="http://viewer.zmags.com/publication/a0b9bb3c?page=112"> Tiffany & Co. and Subsidiaries Schedule II - Valu</a> <a title="TIF-20120403-AR-EJK.pdf page 113" href="http://viewer.zmags.com/publication/a0b9bb3c?page=113"> 2012 Annual Meeting of Stockholders </a> <a title="TIF-20120403-AR-EJK.pdf page 114" href="http://viewer.zmags.com/publication/a0b9bb3c?page=114">ATTENDANCE AND VOTING MATTERS Introduction </a> <a title="TIF-20120403-AR-EJK.pdf page 115" href="http://viewer.zmags.com/publication/a0b9bb3c?page=115">You may also find important information about the </a> <a title="TIF-20120403-AR-EJK.pdf page 116" href="http://viewer.zmags.com/publication/a0b9bb3c?page=116">Alternatively, you can vote your shares in person </a> <a title="TIF-20120403-AR-EJK.pdf page 117" href="http://viewer.zmags.com/publication/a0b9bb3c?page=117">What a “Broker Non-Vote” Is Shares held in a br</a> <a title="TIF-20120403-AR-EJK.pdf page 118" href="http://viewer.zmags.com/publication/a0b9bb3c?page=118">x FOR approval of the compensation paid to the C</a> <a title="TIF-20120403-AR-EJK.pdf page 119" href="http://viewer.zmags.com/publication/a0b9bb3c?page=119">a) “Beneficial ownership” is a term broadly d</a> <a title="TIF-20120403-AR-EJK.pdf page 120" href="http://viewer.zmags.com/publication/a0b9bb3c?page=120"> </a> <a title="TIF-20120403-AR-EJK.pdf page 121" href="http://viewer.zmags.com/publication/a0b9bb3c?page=121">l) Includes 153,250 shares issuable upon th</a> <a title="TIF-20120403-AR-EJK.pdf page 122" href="http://viewer.zmags.com/publication/a0b9bb3c?page=122">Fees and Services of PricewaterhouseCoopers LLP </a> <a title="TIF-20120403-AR-EJK.pdf page 123" href="http://viewer.zmags.com/publication/a0b9bb3c?page=123">x Review and approval of the annual operating pl</a> <a title="TIF-20120403-AR-EJK.pdf page 124" href="http://viewer.zmags.com/publication/a0b9bb3c?page=124">All of the members of the Audit, Nominating/Corpor</a> <a title="TIF-20120403-AR-EJK.pdf page 125" href="http://viewer.zmags.com/publication/a0b9bb3c?page=125">x The Corporate Social Responsibility Committee </a> <a title="TIF-20120403-AR-EJK.pdf page 126" href="http://viewer.zmags.com/publication/a0b9bb3c?page=126"> Submitting Candidate Names If you would like to </a> <a title="TIF-20120403-AR-EJK.pdf page 127" href="http://viewer.zmags.com/publication/a0b9bb3c?page=127"> Role of Compensation Consultants Pay Governance </a> <a title="TIF-20120403-AR-EJK.pdf page 128" href="http://viewer.zmags.com/publication/a0b9bb3c?page=128">x Approving in advance all audit and non-audit s</a> <a title="TIF-20120403-AR-EJK.pdf page 129" href="http://viewer.zmags.com/publication/a0b9bb3c?page=129">significant change in job responsibilities and upo</a> <a title="TIF-20120403-AR-EJK.pdf page 130" href="http://viewer.zmags.com/publication/a0b9bb3c?page=130">shape the external audit plan. Strategic risks ar</a> <a title="TIF-20120403-AR-EJK.pdf page 131" href="http://viewer.zmags.com/publication/a0b9bb3c?page=131">We also have a Code of Business and Ethical Conduc</a> <a title="TIF-20120403-AR-EJK.pdf page 132" href="http://viewer.zmags.com/publication/a0b9bb3c?page=132">Leather Accessories because she had previously wor</a> <a title="TIF-20120403-AR-EJK.pdf page 133" href="http://viewer.zmags.com/publication/a0b9bb3c?page=133">REPORT OF THE AUDIT COMMITTEE Included in the C</a> <a title="TIF-20120403-AR-EJK.pdf page 134" href="http://viewer.zmags.com/publication/a0b9bb3c?page=134">EXECUTIVE OFFICERS OF THE COMPANY The executive</a> <a title="TIF-20120403-AR-EJK.pdf page 135" href="http://viewer.zmags.com/publication/a0b9bb3c?page=135"> Mr. Fernandez serves on the Board of Directors of</a> <a title="TIF-20120403-AR-EJK.pdf page 136" href="http://viewer.zmags.com/publication/a0b9bb3c?page=136">COMPENSATION OF THE CEO AND OTHER EXECUTIVE OFFICE</a> <a title="TIF-20120403-AR-EJK.pdf page 137" href="http://viewer.zmags.com/publication/a0b9bb3c?page=137">COMPENSATION DISCUSSION AND ANALYSIS Executive </a> <a title="TIF-20120403-AR-EJK.pdf page 138" href="http://viewer.zmags.com/publication/a0b9bb3c?page=138"> PROXY STATEMENT Employment Agreements or Severan</a> <a title="TIF-20120403-AR-EJK.pdf page 139" href="http://viewer.zmags.com/publication/a0b9bb3c?page=139"> Short- and Long-term Planning for Sustainable Ear</a> <a title="TIF-20120403-AR-EJK.pdf page 140" href="http://viewer.zmags.com/publication/a0b9bb3c?page=140"> The actual performance goals for the annual and l</a> <a title="TIF-20120403-AR-EJK.pdf page 141" href="http://viewer.zmags.com/publication/a0b9bb3c?page=141"> Base Salary The Committee pays the executive off</a> <a title="TIF-20120403-AR-EJK.pdf page 142" href="http://viewer.zmags.com/publication/a0b9bb3c?page=142"> of Mr. Kowalski; 140% of base salary for Messrs. </a> <a title="TIF-20120403-AR-EJK.pdf page 143" href="http://viewer.zmags.com/publication/a0b9bb3c?page=143"> Long-Term Incentives Why: The Committee uses lon</a> <a title="TIF-20120403-AR-EJK.pdf page 144" href="http://viewer.zmags.com/publication/a0b9bb3c?page=144"> PROXY STATEMENT x The Company's ROA is also li</a> <a title="TIF-20120403-AR-EJK.pdf page 145" href="http://viewer.zmags.com/publication/a0b9bb3c?page=145"> Performance Targets, Thresholds and Maximums Janu</a> <a title="TIF-20120403-AR-EJK.pdf page 146" href="http://viewer.zmags.com/publication/a0b9bb3c?page=146"> PROXY STATEMENT performance period if earnings f</a> <a title="TIF-20120403-AR-EJK.pdf page 147" href="http://viewer.zmags.com/publication/a0b9bb3c?page=147"> As in prior years, stock options have a 10-year t</a> <a title="TIF-20120403-AR-EJK.pdf page 148" href="http://viewer.zmags.com/publication/a0b9bb3c?page=148"> For executive officers hired by the Company on Ja</a> <a title="TIF-20120403-AR-EJK.pdf page 149" href="http://viewer.zmags.com/publication/a0b9bb3c?page=149"> Under the share ownership policy, so long as 25% </a> <a title="TIF-20120403-AR-EJK.pdf page 150" href="http://viewer.zmags.com/publication/a0b9bb3c?page=150"> The Committee believes that the retention agreeme</a> <a title="TIF-20120403-AR-EJK.pdf page 151" href="http://viewer.zmags.com/publication/a0b9bb3c?page=151"> Frederic Cumenal Employment Agreement On March </a> <a title="TIF-20120403-AR-EJK.pdf page 152" href="http://viewer.zmags.com/publication/a0b9bb3c?page=152"> “make whole” payment for amounts Mr. Cumenal woul</a> <a title="TIF-20120403-AR-EJK.pdf page 153" href="http://viewer.zmags.com/publication/a0b9bb3c?page=153"> x performance-based equity grants should be tre</a> <a title="TIF-20120403-AR-EJK.pdf page 154" href="http://viewer.zmags.com/publication/a0b9bb3c?page=154"> Competitive Compensation Analysis – No Benchmarks</a> <a title="TIF-20120403-AR-EJK.pdf page 155" href="http://viewer.zmags.com/publication/a0b9bb3c?page=155"> In addition, for the retail market data, two reta</a> <a title="TIF-20120403-AR-EJK.pdf page 156" href="http://viewer.zmags.com/publication/a0b9bb3c?page=156"> Compensation Committee Process Tally sheets Th</a> <a title="TIF-20120403-AR-EJK.pdf page 157" href="http://viewer.zmags.com/publication/a0b9bb3c?page=157">Compensation” in the Summary Compensation Table, p</a> <a title="TIF-20120403-AR-EJK.pdf page 158" href="http://viewer.zmags.com/publication/a0b9bb3c?page=158"> SUMMARY COMPENSATION TABLE Fiscal 2011, Fiscal</a> <a title="TIF-20120403-AR-EJK.pdf page 159" href="http://viewer.zmags.com/publication/a0b9bb3c?page=159"> fair value of a one-time promotion Time-Vesting R</a> <a title="TIF-20120403-AR-EJK.pdf page 160" href="http://viewer.zmags.com/publication/a0b9bb3c?page=160"> (h) Mr. Kowalski's Fiscal 2010 compensati</a> <a title="TIF-20120403-AR-EJK.pdf page 161" href="http://viewer.zmags.com/publication/a0b9bb3c?page=161">GRANTS OF PLAN-BASED AWARDS </a> <a title="TIF-20120403-AR-EJK.pdf page 162" href="http://viewer.zmags.com/publication/a0b9bb3c?page=162"> PROXY STATEMENT Notes to Grants of Plan-Based Aw</a> <a title="TIF-20120403-AR-EJK.pdf page 163" href="http://viewer.zmags.com/publication/a0b9bb3c?page=163">Amounts listed in the sub-column labeled “Target N</a> <a title="TIF-20120403-AR-EJK.pdf page 164" href="http://viewer.zmags.com/publication/a0b9bb3c?page=164"> x The Committee also communicated that if earni</a> <a title="TIF-20120403-AR-EJK.pdf page 165" href="http://viewer.zmags.com/publication/a0b9bb3c?page=165">x Annual incentive awards are designed so that t</a> <a title="TIF-20120403-AR-EJK.pdf page 166" href="http://viewer.zmags.com/publication/a0b9bb3c?page=166"> x Target Shares for Vesting: 50% of the Units </a> <a title="TIF-20120403-AR-EJK.pdf page 167" href="http://viewer.zmags.com/publication/a0b9bb3c?page=167">Performance tests for January 2012 Grants – Perfor</a> <a title="TIF-20120403-AR-EJK.pdf page 168" href="http://viewer.zmags.com/publication/a0b9bb3c?page=168"> x the target cash value will allow the policy t</a> <a title="TIF-20120403-AR-EJK.pdf page 169" href="http://viewer.zmags.com/publication/a0b9bb3c?page=169">OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END </a> <a title="TIF-20120403-AR-EJK.pdf page 170" href="http://viewer.zmags.com/publication/a0b9bb3c?page=170"> PROXY STATEMENT OUTSTANDING EQUITY AWARDS AT FIS</a> <a title="TIF-20120403-AR-EJK.pdf page 171" href="http://viewer.zmags.com/publication/a0b9bb3c?page=171"> (e) This 2011 grant will vest three busin</a> <a title="TIF-20120403-AR-EJK.pdf page 172" href="http://viewer.zmags.com/publication/a0b9bb3c?page=172">OPTION EXERCISES AND STOCK VESTED </a> <a title="TIF-20120403-AR-EJK.pdf page 173" href="http://viewer.zmags.com/publication/a0b9bb3c?page=173">PENSION BENEFITS TABLE Actuar</a> <a title="TIF-20120403-AR-EJK.pdf page 174" href="http://viewer.zmags.com/publication/a0b9bb3c?page=174">the present value of his accumulated benefit under</a> <a title="TIF-20120403-AR-EJK.pdf page 175" href="http://viewer.zmags.com/publication/a0b9bb3c?page=175"> x it is a “funded” plan (money has been deposit</a> <a title="TIF-20120403-AR-EJK.pdf page 176" href="http://viewer.zmags.com/publication/a0b9bb3c?page=176"> x participants will not receive any distributio</a> <a title="TIF-20120403-AR-EJK.pdf page 177" href="http://viewer.zmags.com/publication/a0b9bb3c?page=177">Early Retirement and Extra Service Credit Pleas</a> <a title="TIF-20120403-AR-EJK.pdf page 178" href="http://viewer.zmags.com/publication/a0b9bb3c?page=178">Features of the Executive Deferral Plan PROXY S</a> <a title="TIF-20120403-AR-EJK.pdf page 179" href="http://viewer.zmags.com/publication/a0b9bb3c?page=179">POTENTIAL PAYMENTS ON TERMINATION OR CHANGE IN CON</a> <a title="TIF-20120403-AR-EJK.pdf page 180" href="http://viewer.zmags.com/publication/a0b9bb3c?page=180">column also assumes a 100% early vesting of the on</a> <a title="TIF-20120403-AR-EJK.pdf page 181" href="http://viewer.zmags.com/publication/a0b9bb3c?page=181"> x Two times the sum of the executive's salary a</a> <a title="TIF-20120403-AR-EJK.pdf page 182" href="http://viewer.zmags.com/publication/a0b9bb3c?page=182"> without cause, or resign from employment with goo</a> <a title="TIF-20120403-AR-EJK.pdf page 183" href="http://viewer.zmags.com/publication/a0b9bb3c?page=183">Death or Disability If any of the named executi</a> <a title="TIF-20120403-AR-EJK.pdf page 184" href="http://viewer.zmags.com/publication/a0b9bb3c?page=184">(d) The actuarial valuation shown takes int</a> <a title="TIF-20120403-AR-EJK.pdf page 185" href="http://viewer.zmags.com/publication/a0b9bb3c?page=185">$38,000, payable at the later of age 65 or the ret</a> <a title="TIF-20120403-AR-EJK.pdf page 186" href="http://viewer.zmags.com/publication/a0b9bb3c?page=186">PERFORMANCE OF COMPANY STOCK The following grap</a> <a title="TIF-20120403-AR-EJK.pdf page 187" href="http://viewer.zmags.com/publication/a0b9bb3c?page=187">DISCUSSION OF PROPOSALS PRESENTED BY THE BOARD </a> <a title="TIF-20120403-AR-EJK.pdf page 188" href="http://viewer.zmags.com/publication/a0b9bb3c?page=188"> Gary E. Costley Lawrence K. Fish </a> <a title="TIF-20120403-AR-EJK.pdf page 189" href="http://viewer.zmags.com/publication/a0b9bb3c?page=189"> Charles K. Marquis Mr. Marquis, 69, is a Senior</a> <a title="TIF-20120403-AR-EJK.pdf page 190" href="http://viewer.zmags.com/publication/a0b9bb3c?page=190">Robert S. Singer Mr. Singer, 60, served as Chi</a> <a title="TIF-20120403-AR-EJK.pdf page 191" href="http://viewer.zmags.com/publication/a0b9bb3c?page=191">THE BOARD RECOMMENDS A VOTE “FOR” APPROVAL OF THE </a> <a title="TIF-20120403-AR-EJK.pdf page 192" href="http://viewer.zmags.com/publication/a0b9bb3c?page=192">banks and brokerage firms that hold your shares ha</a> <a title="TIF-20120403-AR-EJK.pdf page 193" href="http://viewer.zmags.com/publication/a0b9bb3c?page=193">Appendix I Tiffany & Co. (a Delaware co</a> <a title="TIF-20120403-AR-EJK.pdf page 194" href="http://viewer.zmags.com/publication/a0b9bb3c?page=194"> member, the Board must determine that such simult</a> <a title="TIF-20120403-AR-EJK.pdf page 195" href="http://viewer.zmags.com/publication/a0b9bb3c?page=195"> 2. Attendance and Participation at Board </a> <a title="TIF-20120403-AR-EJK.pdf page 196" href="http://viewer.zmags.com/publication/a0b9bb3c?page=196"> 4. Director Compensation. a</a> <a title="TIF-20120403-AR-EJK.pdf page 197" href="http://viewer.zmags.com/publication/a0b9bb3c?page=197"> b. Annually, each director w</a> <a title="TIF-20120403-AR-EJK.pdf page 198" href="http://viewer.zmags.com/publication/a0b9bb3c?page=198"> xii. from time </a> <a title="TIF-20120403-AR-EJK.pdf page 199" href="http://viewer.zmags.com/publication/a0b9bb3c?page=199"> officer, the controller, the head of internal aud</a> <a title="TIF-20120403-AR-EJK.pdf page 200" href="http://viewer.zmags.com/publication/a0b9bb3c?page=200"> b. The Board may, from time </a> <a title="TIF-20120403-AR-EJK.pdf page 201" href="http://viewer.zmags.com/publication/a0b9bb3c?page=201">CORPORATE INFORMATION BOARD OF DIRECTORS </a> <a title="TIF-20120403-AR-EJK.pdf page 202" href="http://viewer.zmags.com/publication/a0b9bb3c?page=202">STOCKHOLDER INFORMATION Company Headquarters </a> <a title="TIF-20120403-AR-EJK.pdf page 203" href="http://viewer.zmags.com/publication/a0b9bb3c?page=203"> Catalogs SELECTIONS® catalogs are automatically </a> <a title="TIF-20120403-AR-EJK.pdf page 204" href="http://viewer.zmags.com/publication/a0b9bb3c?page=204"> (This page intentionally left blank.)</a> <a title="TIF-20120403-AR-EJK.pdf page 205" href="http://viewer.zmags.com/publication/a0b9bb3c?page=205"> (This page intentionally left blank.)</a> <a title="TIF-20120403-AR-EJK.pdf page 206" href="http://viewer.zmags.com/publication/a0b9bb3c?page=206"> (This page intentionally left blank.)</a> <a title="TIF-20120403-AR-EJK.pdf page 207" href="http://viewer.zmags.com/publication/a0b9bb3c?page=207"> FROM TOP LEFT: Jean Schlumberger paillonné enamel</a> <a title="TIF-20120403-AR-EJK.pdf page 208" href="http://viewer.zmags.com/publication/a0b9bb3c?page=208"> </a>